Asia Pacific Hospitality Newsletter – Week Ending 19 August 2022 – Hospitality Net

Switzerland-based Aman Group (“Aman”) has secured USD900 million investment from Saudi Arabia-based Public Investment Fund (“PIF”) and UK-based real estate investment fund Cain International. The fund will help to construct the pipeline of Aman and Janu properties and accelerate the acquisition and development of new additional sites. Aman has nine projects under construction at the moment, including three properties under the Janu brand in Tokyo, Saudi Arabia, and Montenegro. Aman’s current focus is on the development of its branded residences, with more than USD2.4 billion generated in sales of the Aman branded residences in the past 12 months, including sales at its upcoming pipelines in Tokyo and Miami. This capital injection will bring the value of Aman to over USD3 billion.
Singapore-based wholly-owned hotel operator Ascott Residence Trust (“ART”) proposed to acquire nine quality serviced residences, rental housing, and student accommodation properties across Australia, France, Japan, the USA, and Vietnam. The expected total acquisition cost is SGD318 million, and the yield accretive is set to increase ART’s distribution by SGD9.2 million. ART anticipates that the acquisition will strengthen its presence in existing markets and grow the company’s portfolio to SGD8.3 billion. After the acquisition, ART’s portfolio will exceed 100 properties, with over 18,000 units across 47 cities and 15 countries. As 92% of the nine assets’ gross profit are from stable income sources, ART hopes to enhance its portfolio’s income resilience.
Sydney developers plan to construct a 104-key hotel on a Botany Bay beachfront in Ramsgate, Australia. The AUD78 million mixed-use shoptop hotel development application is now handed to the Bayside Council to envisage a four-storey hotel that will be on top of a rebuilt Coles supermarket, other retail, and food and beverage facilities. The hotel will be built across eight adjoining lots with a total of 4,479 square metres area, 15 kilometres south of the Sydney CBD. The Coles supermarket, built in 1977, will be demolished and rebuilt under the proposal with a larger floorspace on the ground floor with a higher rise development. The second podium level will include a restaurant, gymnasium, spa, office space, retail outlets, and a swimming pool. Two basement levels will provide parking for 204 cars. The second pool is expected to be utilized as a rooftop garden and recreation area.
Singapore’s Park Hotel Alexandra (“PHA”) will be rebranded as Momentus Hotel Alexandra. Opened in 2015, the 442-key PHA will be temporarily closed from 26 August 2022 for a significant refurbishment and name change. Owned by the Momentus Hospitality Ptd Ltd (“MH”), a Singapore-based Chip Eng Seng Group subsidiary, the soon-to-be owner-operated property will implement sustainable solutions and drive technology innovation and adoption in the refurbished property. A new look can be expected for all guest rooms, lobby, and food and beverage establishments. All staff will also undergo training and upskilling to prepare for the launch of the newly branded hotel. The refurbished hotel is expected to benefit from the uptrend in the global tourism and hospitality sector when it reopens in Q1 2023.
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